Francesco M. Bongiovanni holds an MBA from Harvard and a doctorate in engineering. A former investment banker in Wall Street and London, he subsequently worked in private equity, as an international advisor and as an entrepreneur. He has been made a Knight of the Order of St Charles for his contribution to humanitarian endeavours and biodiversity protection. It has become impossible to pretend otherwise: Europe is in steep decline. The continental dream of economic prosperity, social security and international good citizenship has given way to a nightmare of chronic unemployment, unsustainable debt, demographic decline, political paralysis and street violence. In The Decline and Fall of Europe, Francesco Bongiovanni offers the most perceptive account to date of a Europe that indulged too many illusions and is now awakening to bankruptcy. Bret Stephens, Foreign Affairs columnist, the Wall Street Journal A thoughtful and provocative cautionary tale that Americans should read if they want to see how our own increasing regulatory structure, accelerating entitlements and ballooning national debt could lead to the same decline that the author so clearly describes in Europe. Francesco Bongiovanni mixes common sense with an experienced eye for the details that show how utopianism overwhelmed the benign postwar vision of a united Europe and resulted in a nightmare. His description of the EU bureaucracy as an organization of 40,000 souls, a budget of 126 billion euros and the ambition to control every part of European life is lamentable proof of Kafka s vision. John Lehman, former Secretary of the Navy in the Reagan Administration and a member of the 9/11 Commission In view of the current crisis in the European Union in general and the Eurozone in particular, the arrival of this book could not be more timely. It is a comprehensive review of the way the initial favourable development of the EU has gone wrong and the range
of problems it currently faces. Should be read by every MP in the Union s 27 countries! Stephen Valdez, author of Introduction to Global Financial Markets Revealing. A valuable tool for those who are interested in understanding the roots of the current Eurocrisis and for decision-makers engaged in limiting its bitter consequences. Lucio Caracciolo, editor-in-chief, Limes, Italian Review of Geopolitics
Decline and Fall of Europe THE by Francesco M. Bongiovanni
Francesco M. Bongiovanni 2012 Softcover reprint of the hardcover 1st edition 2012 978-0-230-36892-7 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6 10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2012 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave and Macmillan are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-0-230-36891-0 ISBN 978-1-137-00906-7 (ebook) DOI 10.1057/9781137009067 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 21 20 19 18 17 16 15 14 13 12 Transferred to Digital Printing in 2012
To the memory of my beloved father, a good man who was always there for us, to my brother Youbi, who lost his courageous fight against AIDS and is gracing the heavens with his beautiful paintings, and to my mother, who whispers to flowers. Also to the Grand Molvane, from one Forrest Gump.
Contents Introduction 1 1 The Right Stuff 11 2 Are There Any Europeans in Europe? 35 3 Which Europe Is It Anyway? 55 4 The Bosporus Conundrum 87 5 The Tinguely Machine 105 6 The Civilization of Entitlements 121 7 The 28th Country 155 8 The End of Growth 189 9 The Perfect Storm 221 10 The Day After 241 Conclusion: The End of the Golden Age 271 Epilogue 287 Sources and Acknowledgements 295 Notes 297 Bibliography 311 Index 313 vii